Axis Bank Cancels Great Offshore Oil Rig Funding

October 6, 2009

In Bangalore, offshore oilfield services firm Great Offshore Ltd has run into fresh trouble after Axis Bank Ltd walked out of a deal to lend Rs350 crore to the Mumbai-based firm for funding the purchase of an oil drilling rig, currently under construction at Bharati Shipyard Ltd. Axis Bank wanted the money back after ONGC cancelled the rig contract and also due to delay in completing the construction of the rig.

(Source: livemint.com)



Logistics News

Bunge Finalizing $30 Billion-plus Merger with Viterra

Bunge Finalizing $30 Billion-plus Merger with Viterra

Business Group Urges Biden to Intervene in West Coast Ports Labor Dispute

Business Group Urges Biden to Intervene in West Coast Ports Labor Dispute

Stena Line and Port of Gothenburg Take Next Step Toward Arendal

Stena Line and Port of Gothenburg Take Next Step Toward Arendal

Capesize Spot Rates Hesitant Despite 5% Rise in Demand -BIMCO

Capesize Spot Rates Hesitant Despite 5% Rise in Demand -BIMCO

Subscribe for Maritime Logistics Professional E‑News